These fintech innovative banking features are altering the face of the market

Fintech banks have created some spectacular banking concepts in recent times, find out just a few in this post.

One cool thing that fintech banks have released in the previous couple of years is the added customisation that consumers will get from their bank. For example, one of the innovative banking products is the different design of bank cards that have been launched. Some companies are offering cleaner looking cards with no information on the front, which is also better for customers’ security. As well as this, businesses have brought more safety to consumers through customisation on their apps. Users are now able to toggle functions that their card may be used for, such as overseas and internet transactions. You can also freeze and unfreeze your bank card via the app, so if your card is misplaced you don’t have to stress about somebody else picking it up and using it. Increasing security demonstrates the importance of innovation in banking, which is something the activist shareholder in Bank of East Asia ought to be keeping track of.

In recent years, fintech banking institutions have put more focus on integration with other companies, in an effort to give consumers more control over monitoring their funds. This example of new banking technology innovations is making life easier for customers, through cost management features. On most fintech banks’ applications, you can set budgets easily and see precisely where your cash is going each month. With these qualities, you're able to keep note of where you have invested too much money over a month and where you have a little bit extra room for spending, which is consistently helpful to be aware of! Being in a position to instantly see purchases on your account, instead of having to wait several days for them to process, is helpful as customers can get updates when they spend money. This is excellent for security, because as soon as you have a look at your phone, you can find if there has been a purchase made that wasn't you. It’s likely that one of the main shareholders in Bank of America will be doing work towards giving customers these functions in the future.

One thing that the newer fintech banking institutions have been able to do, is bring simplicity back to banking, making the consumers’ life so much easier. One of many ways that this has been done is by improved transferring features. Consumers can currently send and request money in an instant, instead of having to go through the long process of entering their information every time. This is among the best banking ideas to get new customers, as individuals are always wanting things to be faster and easier. An important shareholder in HSBC would possibly hope that the company keeps making an attempt to make peer-to-peer transfers even easier over time.

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